Miami Heat's Dwyane Wade Set to Opt Out of Deal

Move Gives Team Flexibility to Sign New Players; Bosh Yet to Decide

On Saturday, just days after LeBron James chose to become a free agent by opting out of his contract, fellow Miami Heat star Dwyane Wade decided to follow suit and opt out of his contract as well.

The team is still awaiting third star Chris Bosh's decision on whether he, too, will become a free agent by opting out of his deal. Bosh's agent, Henry Thomas, said the All-Star power forward had yet to make a choice.

Still, with Wade's choice to terminate his contract to become a free agent, Miami appeared to get one step closer building a more complete team for next year.

If Bosh were to opt out of his contract, it would technically give all three Heat stars the freedom to sign with other teams. But that development would actually be a good sign for Miami. Earlier this month, James, Wade and Bosh—with an almost nonexistent supporting cast—were routed by the San Antonio Spurs in the NBA Finals, illustrating a clear need for reinforcements.

The team's original salary-cap situation, with each star making $20 million next season alone, wouldn't have allowed for any flexibility to sign new players. So it's in Miami's best interest for the three star players to terminate their current deals, then sign new ones for less money per year in hopes of using the extra salary to lure an outside free agent like Toronto's Kyle Lowry or, far less likely, New York's Carmelo Anthony.

Heat president Pat Riley confirmed the news of Wade's choice to opt out, as well as forward Udonis Haslem's decision to opt out. (A handful of other outlets, including the Associated Press and ESPN, said Bosh, too, was opting out before his agent, Thomas, refuted those reports.)

Of the team's Big Three—which has been to four straight Finals, and won two championships together—Wade's decision, in particular, was the one that interested most analysts. Unlike James and Bosh, who, at 29 and 30, look like they still have several years of great basketball and earning potential ahead of them, Wade, at 32 years old, has struggled badly with knee problems in recent years.

Based on that, no one knew whether he would willingly walk away from a deal that guaranteed him almost $42 million over the next seasons. Since he did, it now seems likely that Miami will offer him similar money over a longer contract, to afford the team more annual salary-cap space.

"Dwyane has been the cornerstone of our organization for over a decade, and we hope he remains a part of the Heat family for life," Riley said in a statement.

Since Bosh is represented by the same agent as Wade and Haslem, it would be something of a surprise if he decided to keep his current contract rather than opt out like his other teammates have chosen to do.

Aside from Bosh's situation, the thing to watch now is how much salary the players—James in particular—are willing to leave on the table in hopes of remaking the roster.

James, seen by most as the top player in the world, may not see it as fair to take the same pay cut he did when the trio signed on for discounted deals back in 2010. Yahoo Sports reported on Saturday that James would like to sign a maximum deal.

Realistically, if he demands a max contract of five years and $129 million—something other teams like the Houston Rockets or Los Angeles Lakers would probably offer to do through a sign-and-trade—the Heat would seem to have little choice but to sign off on such a deal.

So Miami isn't out of the woods just yet. They're still awaiting word from Bosh, and there's no telling yet what James will ask for in terms of salary. But in getting Wade to opt out, the team at least has some options in terms of how it can begin retooling a roster that didn't have enough guns to win a third straight title this past season.

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